Indian rupee hits 2-1/2 month high; diesel price hike boosts

MUMBAI Fri Jan 18, 2013 9:47am IST

Related Topics

A statue of Ganesh, the deity of prosperity, is carried in a taxi to a place of worship on the first day of the ten-day-long Ganesh Chaturthi festival in Mumbai August 29, 2014. REUTERS/Danish Siddiqui

Ganesh Chaturthi Festival

During Ganesh Chaturthi idols will be taken through the streets in a procession accompanied by dancing and singing, and will be immersed in a river or the sea in accordance with Hindu faith.  Slideshow 

MUMBAI Jan 18 (Reuters) - The Indian rupee strengthened to its highest level in near two-and-half months on Friday, breaching the key 54-per-dollar mark, on continued bullishness a day after the government partially deregulated diesel prices.

At 9:41 a.m. (0411 GMT), the partially convertible rupee was at 53.98/99 per dollar, after hitting 53.95, its strongest since Nov. 2 and sharply up from its previous close of 54.3850/3950.

Traders said the hike in diesel prices would gradually bring down the large fiscal deficit and was a key positive for the rupee.

Broad gains in other Asian currencies and a risk-on mood in global markets also aided the rupee. (Reporting by Swati Bhat; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Market Outlook

Market Outlook

Indian shares headed for correction, but outlook strong - BofA Merrill.  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage